Hims & Hers Health (NYSE:HIMS) Trading 6.6% Higher Following Analyst Upgrade

Hims & Hers Health, Inc. (NYSE:HIMS)’s share price traded up 6.6% on Tuesday after Canaccord Genuity Group raised their price target on the stock from $28.00 to $38.00. Canaccord Genuity Group currently has a buy rating on the stock. Hims & Hers Health traded as high as $33.24 and last traded at $32.88. 1,975,003 shares were traded during mid-day trading, a decline of 80% from the average session volume of 9,794,257 shares. The stock had previously closed at $30.85.

Other equities research analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft raised their price objective on Hims & Hers Health from $23.00 to $27.00 and gave the company a “hold” rating in a research note on Wednesday, November 6th. Bank of America downgraded shares of Hims & Hers Health from a “buy” rating to an “underperform” rating and reduced their target price for the company from $32.00 to $18.00 in a research note on Thursday, November 14th. TD Cowen reaffirmed a “buy” rating and set a $28.00 price target on shares of Hims & Hers Health in a research note on Wednesday, November 20th. Piper Sandler reissued a “neutral” rating and issued a $21.00 price objective (up from $18.00) on shares of Hims & Hers Health in a research report on Tuesday, November 5th. Finally, Needham & Company LLC began coverage on Hims & Hers Health in a research report on Thursday, August 22nd. They set a “buy” rating and a $24.00 target price for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $21.43.

Insider Activity

In other news, insider Soleil Boughton sold 2,339 shares of Hims & Hers Health stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $16.50, for a total value of $38,593.50. Following the transaction, the insider now owns 176,952 shares of the company’s stock, valued at $2,919,708. The trade was a 1.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Melissa Baird sold 11,749 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.65, for a total transaction of $172,122.85. Following the sale, the chief operating officer now directly owns 585,800 shares of the company’s stock, valued at $8,581,970. The trade was a 1.97 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 950,677 shares of company stock worth $21,532,666. Company insiders own 17.71% of the company’s stock.

Hedge Funds Weigh In On Hims & Hers Health

A number of large investors have recently made changes to their positions in the business. Robeco Institutional Asset Management B.V. purchased a new stake in shares of Hims & Hers Health during the third quarter valued at $604,000. Carnegie Investment Counsel acquired a new stake in Hims & Hers Health during the 3rd quarter worth about $5,531,000. Royce & Associates LP raised its stake in shares of Hims & Hers Health by 17.0% in the third quarter. Royce & Associates LP now owns 341,000 shares of the company’s stock worth $6,281,000 after purchasing an additional 49,500 shares during the last quarter. Versor Investments LP purchased a new position in Hims & Hers Health during the 3rd quarter worth approximately $634,000. Finally, International Assets Investment Management LLC acquired a new stake in Hims & Hers Health during the 3rd quarter valued at approximately $6,790,000. 63.52% of the stock is owned by institutional investors and hedge funds.

Hims & Hers Health Stock Performance

The firm has a market capitalization of $7.22 billion, a price-to-earnings ratio of 74.73 and a beta of 1.24. The firm’s 50 day simple moving average is $22.01 and its 200 day simple moving average is $19.94.

Hims & Hers Health (NYSE:HIMS) last released its quarterly earnings data on Monday, November 4th. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.26. The business had revenue of $401.56 million during the quarter, compared to analyst estimates of $382.20 million. Hims & Hers Health had a return on equity of 10.97% and a net margin of 8.19%. The company’s revenue was up 77.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.04) EPS. As a group, sell-side analysts forecast that Hims & Hers Health, Inc. will post 0.29 earnings per share for the current year.

About Hims & Hers Health

Hims & Hers Health, Inc operates a telehealth platform that connects consumers to licensed healthcare professionals in the United States, the United Kingdom, and internationally. The company offers a range of curated prescription and non-prescription health and wellness products and services available to purchase on its websites and mobile application directly by customers.